The link between Alkagesta, Malta’s largest oil trader and bunkerer and the Greek shippers, who come to Hurd’s Bank, bearing Russian oil can’t even be more clearer.
Alkagesta is sourcing Russian oil bought originally under the EU-imposed price cap by Greek shippers which is then bunkered by the local industry at the Evos terminal in the Freeport, managed and run by Alkagesta. Alkagesta is then selling its oil cargo potentially to the Maltese government and to other buyers which is offloaded again by the local bunkering industry.
Alkagesta remains the largest oil bunkerer in Malta and the local bunkering industry depends on Alkagesta’s orders. This is also why building an offshore energy terminal isn’t very monetarily valuable for the state, because eventually, it’s only one big foreign company that would have the capability to handle and trade energy in large volume. The Maltese state has, shot itself in the foot by abandoning the bunkering industry altogether leaving itself vulnerable to the exploitation of arbitrage opportunities by large companies.
Essentially, Alkagesta is making very large margins on its purchases and sales of Russian oil cargo and the government should clarify whether it has ever bought oil supply from Alkagesta – which is obviously highly likely since Alkagesta is the main oil bunkerer in Malta. For any oil sale Alkagesta makes to the Maltese government, it would be making a massive profit on its arbitrage while the government burns money to keep final fuel and electricity prices low.
This is also why it is important for the Ministry of Energy become transparent on its energy deals. The public deserves the right to know how public money is being used, who is benefitting from these subsidies and whether Malta is subsidising Russia’s war on Ukraine.
Alkagesta is owned by Azeri national, Adnan Ahmadzada, who was arrested in Azerbaijan over Russian oil trafficking.
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